Piper Jaffray Companies downgraded shares of Rowan Companies (NYSE:RDC) from an overweight rating to a neutral rating in a research report released on Thursday, Marketbeat Ratings reports. The brokerage currently has $18.00 price target on the oil and gas company’s stock.
Several other brokerages also recently issued reports on RDC. B. Riley set a $16.00 price objective on shares of Rowan Companies and gave the stock a buy rating in a research report on Friday, January 5th. Jefferies Group set a $16.00 price objective on shares of Rowan Companies and gave the stock a hold rating in a research report on Thursday, January 4th. ValuEngine raised shares of Rowan Companies from a sell rating to a hold rating in a research report on Friday, December 1st. UBS Group increased their price objective on shares of Rowan Companies from $15.00 to $18.00 and gave the stock a buy rating in a research report on Monday, November 6th. Finally, Zacks Investment Research raised shares of Rowan Companies from a hold rating to a buy rating and set a $16.00 target price for the company in a research report on Tuesday, October 17th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $16.54.
Shares of Rowan Companies (RDC) traded up $0.07 during mid-day trading on Thursday, hitting $17.17. 1,642,900 shares of the stock traded hands, compared to its average volume of 2,922,411. The company has a debt-to-equity ratio of 0.47, a current ratio of 5.80 and a quick ratio of 5.80. Rowan Companies has a 52 week low of $9.02 and a 52 week high of $20.34. The company has a market capitalization of $2,167.77, a P/E ratio of -33.02 and a beta of 1.90.
Rowan Companies (NYSE:RDC) last issued its quarterly earnings data on Wednesday, November 1st. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.26. Rowan Companies had a negative net margin of 4.76% and a negative return on equity of 0.61%. The company had revenue of $291.60 million during the quarter, compared to the consensus estimate of $281.51 million. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The firm’s revenue was down 23.1% compared to the same quarter last year. sell-side analysts predict that Rowan Companies will post -0.63 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in RDC. BlackRock Inc. grew its position in shares of Rowan Companies by 30.3% in the 2nd quarter. BlackRock Inc. now owns 14,315,633 shares of the oil and gas company’s stock valued at $146,590,000 after acquiring an additional 3,327,747 shares during the period. State Street Corp grew its position in shares of Rowan Companies by 24.1% in the 2nd quarter. State Street Corp now owns 5,078,230 shares of the oil and gas company’s stock valued at $52,005,000 after acquiring an additional 986,257 shares during the period. Northern Trust Corp grew its position in shares of Rowan Companies by 145.7% in the 2nd quarter. Northern Trust Corp now owns 3,151,757 shares of the oil and gas company’s stock valued at $32,274,000 after acquiring an additional 1,869,194 shares during the period. Key Group Holdings Cayman LTD. grew its position in shares of Rowan Companies by 142.8% in the 2nd quarter. Key Group Holdings Cayman LTD. now owns 2,783,345 shares of the oil and gas company’s stock valued at $28,501,000 after acquiring an additional 1,636,896 shares during the period. Finally, Thrivent Financial For Lutherans grew its position in shares of Rowan Companies by 3.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 2,089,050 shares of the oil and gas company’s stock valued at $21,392,000 after acquiring an additional 74,220 shares during the period.
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About Rowan Companies
Rowan Companies plc is a provider of offshore contract drilling services to the international oil and gas industry. The Company operates through two segments: deepwater and jack-ups. Its deepwater segment consists of drillship operations. As of December 31, 2016, the Company’s fleet consisted of 29 mobile offshore drilling units, including 25 self-elevating jack-up rigs and four ultra-deepwater drillships.
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